Financial

In response to Covid-19 the Australian Government announced a number of economic measures to support both everyday Australian’s as well as businesses during this period.

Please note that if you have any concerns about your employment or your safety in your workplace as a result of Covid-19 please visit the Fair Work Ombudsman

 

Changes to JobKeeper Payment

The Australian Government is now extending the JobKeeper payment to 28th March 2021

From 28th September 2020, the JobKeeper payment will reduce from $1,500 to $1,200 per fortnight. This rate will reduce to $1,000 per fortnight from 4 January 2021.

From 28 September 2020, the payment will be $750 per fortnight with a further reduction to $650 per fortnight from 4 January 2021 to 28 March 2021.

Reduced JobKeeper payments will also apply for employees who have worked less than 20 hours a week on average during February 2020.

If you are an employer, you can enrol for JobKeeper through the Australian Tax Office: https://www.ato.gov.au/general/jobkeeper-payment/employers/enrol-for-the-jobkeeper-payment/

For more information, please refer to the Australian Tax Office website: https://www.ato.gov.au/general/jobkeeper-payment/

Changes to Job Seeker

The $550 coronavirus supplement will be reduced after 28th September 2020 to $250 a fortnight, meaning the total payment will go from $1,115 to $815 per fortnight.
In turn, from the 28th September 2020, you can now earn $300 a fortnight, instead of the previous $106, before your JobSeeker payment is affected.

For more information, please refer to the Service’s Australia website: https://www.servicesaustralia.gov.au/individuals/services/centrelink/jobseeker-payment

Victorian Coronavirus Payment

The Victorian Government is providing one-off payments on $1,500 to financially support Victorian workers, including parents and guardians, who are required to self-isolate or quarantine due to coronavirus (COVID-19) and do not have access to paid leave.

A $450 Coronavirus Test Isolation Payment is also available to eligible Victorians, including parents and guardians of children, who are required to self-isolate while waiting for the results of a coronavirus test.

For more information, please refer to the Department of Health and Human Service’s website: https://www.dhhs.vic.gov.au/1500-coronavirus-covid-19-worker-support-payment

Early Access to Super

The Government is also allowing people impacted by Coronavirus to have early access to their super.  For those eligible, they can apply to access up to $10,000 of their savings until June 30 2020 and then a further $10,000 from July 1 until September 24 2020.  To be eligible you must meet the criteria:

  • Unemployed
  • You are eligible for an income support payment such as the JobSeeker payment, youth allowance for jobseekers, parenting payment (including the single and partnered payments), special benefit or farm household allowance

On/ or after January 1 2020 you were either:

  • Made redundant
  • Your hours of employment was reduced by at least 20 per cent
  • Sole trader whose business was suspended or has experienced a reduction in turnover of 20 per cent or more.

Applications for early release of super will be accepted through MyGov on the 20 April 2020.  If you do not have a MyGov account you can create one.

Business Support

If you are a business owner, the Victorian Government has announced an ‘economic survival package’ to help with the impact of Covid-19.  Some of these packages include:

  • Payroll Tax Refund
  • Liquor License fees waived
  • Land tax deferral
  • Business Support Fund
  • Grants for small businesses

To find out further information about these packages https://www.business.vic.gov.au/disputes-disasters-and-succession-planning/illness-and-business-management-plan/coronavirus-business-support  or have a read of the Economic Survival Package Fact Sheet (attach pdf)

 

Other Links

https://moneysmart.gov.au/covid-19-financial-assistance

https://www.ausbanking.org.au/campaigns/financial-hardship/

 

Other Helpful Information

Housing & Essentials
Health & Community Supports